Technical Analysis Based on Breakout – Remain long

Technical Analysis Based on Breakout – Remain long

GBPUSD – Flat
Remain long
Technical Observation:
Since 23rd October 2016, Gbp has traded within the contracting wedge and is still within it. While the price is within this wedge, only a long position looks more ideal and can be advised towards 1.4125. If you did not go long around 1.3316, you could wait and rebuy Gbp upon a breakout above 1.3585 with your first take profit at 1.4125 and the next at 1.4665. If these take profits are hit, then I expect further rise towards 1.5747. As it is on the weekly chart, only buy position looks ideal.
Technical Levels
Resistance levels
R2: 1.359
R2: 1.3666
R3: 1.3863
Pivot
1.3469
Support Levels
S1: 1.3074
S2: 1.3271
S3: 1.3393
Trade Signal
Remain long towards 1.4125

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